Randy Olson, VP of marketing for Miller Industries Inc., speaks during a press conference at Miller Industries in Ooltewah, Tennessee.
Jeff Badgley, CEO of Miller Industries Inc.,
Jamison Linden, GM of Ooltewah Operations,
Randy Olson, VP of Marketing,
Tom Griffin, Exports,
Vince Tiano, VP, blue polo stipes
Vince Mish, CFO, (hat)
Bill Beckley, Corporate director of Human Resources,
Miller Industries Inc. boosted its wrecker sales this fall, but a a one week shutdown of the company's production plant in Ooltewah for a plant reorganization curbed net income from a year ago.
The Chattanooga maker of wreckers and hauling equipment said Wednesday it earned $3.2 million, or 28 cents per share, on sales of $126.2 million in the third quarter of 2015. In the same period a year earlier, Miller earned $3.5 million, or 31 cents per share, on sales of $118.4 million.
"The momentum we have achieved throughout 2015 continued into the third quarter with a strong financial performance," Miller Industries Co-CEO Jeff Badgley said in a statement. "During the quarter, we focused on improving our operations for the future, which necessitated a one week shut-down of manufacturing operations at our highest volume facility in Ooltewah, Tenn., for a plant reorganization. This plant reorganization and the work on the expansion of the facilities in Pennsylvania also had an impact on revenues during the quarter."
Gross profit for the third quarter of 2015 was $12.8 million, or 10.1 percent of net sales, compared to $13 million, or 11 percent of net sales, for the third quarter of 2014. Selling, general and administrative expenses were $7.5 million, or 6 percent of net sales, compared to $7.2 million, or 6.1 percent of net sales, in the prior year period.
For the nine-month period ended September 30, Miller Industries' sales totaled $404.5 million, an increase of 17.3 percent from a year ago. The company reported net income of $12.1 million, or $1.07 per diluted share, for the first nine months of 2015, compared to net income for the first nine months of 2014 of $9.2 million, or 82 cents per share.
Badgley said "customer sentiment remained very positive" this fall and "we have a healthy pipeline of business as we enter the fourth quarter and beyond."
The company also announced Wednesday it will pay a quarterly cash dividend of 16 cents per share, payable Dec. 14, to shareholders of record at the close of business on Dec. 7.